Realtor - Amanda S. Davidson: Buying A Home vs. Renting A Home

Buying A Home vs. Renting A Home

Buying A Home vs. Renting A Home
In the spirit of June being National Homeownership Month I thought I’d revisit the topic of buying a home vs. renting. Long before I became a real estate agent I was a big believer in buying a home or multiple homes. My belief has only strengthened as the years have gone by. Many still consider it to be the American Dream to own a home and it’s truly not as hard as one might think. Gone are the days of needing 20% down in order to get a mortgage. Home prices are rising, so are interest rates and the cost of renting. If you’ve ever thought about buying a home the time is now!

Renting vs. Buying 

Stability – renting does not give you stability. The owner of the property can decide to sell, decide not to renew your lease, or raise your rent to the point that you decide to move. If you own a home and pay your mortgage, taxes, and insurance on time you can stay in the home as long as you’d like.

Renting vs. Buying A Home 

Maintenance- one perk of renting is that you are responsible for little or no maintenance. That might not be as good as it sounds though because you are at the landlord's discretion in getting repairs made. As a homeowner you’re responsible for maintenance but, also in control of who does it and how it gets done.

Buying A Home vs. Renting 

Customization- making changes to the flooring, updating the kitchen, or changing light fixtures isn’t an option when you’re renting but, it sure is when you own your home. Make it into whatever fits your personality and change it as frequently as you’d like.

Buying A Home vs. Renting 

Initial Costs- renting a place will typically mean coming up with a security deposit equivalent to one month of rent, a processing fee for your application, and your first month of rent. Yes, it is less than making a down payment but, rent is money you never get back. When you make your down payment and then monthly payments on your mortgage you’re building equity.

Buying A Home vs. Renting 


Investment- there is nothing related to an investment when you rent. You’re paying for use of the space and will have nothing to show for it when the time comes to move out. When you own you are making a long-term investment. 

If you are considering buying a home in the Alexandria area and have questions reach out to us for answers. 703-988-1711 or amanda@amandadavidson.com.

 

 

Renting vs. Buying

 

 

Amanda Davidson Real Estate Group

 

 

      

 

Amanda Davidson

Amanda Davidson Real Estate Group

Broker - Owner
Licensed in VA and DC

6485 Old Beulah Street
Alexandria, VA 22315

Cell: 703.431.3755
Fax: 703.562.7057




Comment balloon 24 commentsAmanda S. Davidson • June 08 2018 09:17PM

Comments

Good morning, Amanda... a great topic for National Homeowneship Month (something I also adressed the other week). Great infographic, as well!

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage | Charlotte, NC) 5 months ago

Good morning again Amanda. This is wonderful and well written. Great post.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 5 months ago

It is definitely a great time to purchase a home.

Have a most productive summer.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) 5 months ago

Your posts are always so professional and well written!  Great job!

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) 5 months ago

Great post about renting vs purchasing a home, I am always so befuddled as to why so many people are perfectly happy renting.

Posted by Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Arizona Focus Realty) 5 months ago

Amanda, wonderful post for Homeownership Month, and many points made for being a homeowner versus a tenant.    GREAT post, and will expect a gold star! 

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) 5 months ago

This is a good comparison of renting vs. buying. If someone has a choice, buying can provide a lot of benefits!

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) 5 months ago

Good afternoon Amanda - very well laid out.  One thing for sure.  Home ownership is the best way to build assests during your lifetime.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 5 months ago

Amanda, home ownership is definitely the way to go if one can swing it. You give some great reasons. Love your infographic, clean, simple and easy to read. Some infographics are just too busy.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty, Martha Hilton, Broker) 5 months ago

Hello, Amanda, Great post. There is a lot of pros and cons when you are renting Vs Buying. Thanks for Sharing! Have a Nice Day!

Posted by James Grant 5 months ago

Good morning Amanda.  You make an excellent case for the advantages of owning vs renting a home.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 5 months ago

Great discussion here Amanda. With rents at such high levels, why would anyone want to rent?

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) 5 months ago

Hello Amanda,  Excelent blog for buyers and renters to catch on.  Can I reblog it down the road?

 

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) 5 months ago

In my market, buying can have less upfront money required if the buyer is usingg a VA loan. Most of the qualifying criteria is the same whether they rent or buy so why not buy?

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) 5 months ago

Amanda, excellent post for anyone trying to decide if buying is a good idea.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) 5 months ago

LOVE your infographic and all of the information as well, Amanda! And, I don't think I've seen your 'Sold By' sign - I LOVE it!

Have a fantastic weekend!

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 5 months ago

Good morning Amanda S. Davidson,

Your inforgraphic is incredible full of valuable information! I to have never noticed your "Sold By" sign..very distinctive! Congrats on a well deserved featured post!

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) 5 months ago

Amanda S. Davidson - What a wonderful post that gets down to the brass tacks and makes perfect sense. You're a woman with wisdom always providing best services to buyers and sellers.

Congratulations on an excellent featured blog post!

Posted by Patricia Feager, MBA, CRS, GRI, Selling Homes Changing Lives (DFW FINE PROPERTIES) 5 months ago

It's a great time to buy a home and even though home prices are going up, so are rents

Posted by Michael Eisenberg, Bellingham Real Estate Guy (eXp Realty) 5 months ago

Great points and love the infographic on pros and cons of buying a home!

Posted by Michelle Carr-Crowe Just Call 408-252-8900 Top 1%!, Family Helping Families Buy & Sell Homes 40+ Years (Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty) 5 months ago

It’s all about increasing assets and minimizing liabilities of any kind. It’s really pretty simple and people complicate it waaaay to much! :)

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) 5 months ago

I second that In the same way and I encourage all of us to keep on pushing toward a little bit more fun

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) 5 months ago

This of course has national application/implication and tenants are wise to keep a Heads UP !

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) 5 months ago

Home ownership seems to be a far superior "investment" compared to renting. I can understand why people rent- often times they are just in a town for a short period or many want to change scenery with the seasons. The time that money is made in real estate is at the time of purchase!

Posted by Mott Marvin Kornicki, Waterway Realtors, Notary Public 786-229-7999 (Waterway Realty, Realtors® • Broker • South East Florida •) 5 months ago

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